More workers planning to stay employed after 65
A new study by Wells Fargo Securities LLC found that 7.3 million people over 65 are still working. The trend has been attributed to many seniors trying to remain financially stable since the recession.
Of the respondents, 39 percent said they needed to stay employed and 35 percent said they just wanted to keep working.
“Many seniors simply aren’t in a position to retire,” said Sarah Watt, who did the research, in an interview with Bloomberg. “More people are hanging on to the job longer.”
According to the Bureau of Labor Statistics, workers over 55 pace out younger workers for holding multiple jobs. Many older workers take less demanding jobs after 65, and Wells Fargo’s study found that workers who become unemployed after age 60 usually make about 30 percent less in their next job.